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JK Tyre & Industries fiscal Q3 profit climbs YOY

JK Tyre & Industries Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 4.48 Indian rupees per share, a gain of 86.3% from 2.40 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 987.6 million rupees, an increase from 492.9 million rupees in the year-earlier period.

The normalized profit margin rose to 5.4% from 2.9% in the year-earlier period.

Total revenue rose 7.2% on an annual basis to 18.26 billion rupees from 17.03 billion rupees, and total operating expenses grew from the prior-year period to 16.12 billion rupees from 15.61 billion rupees.

Reported net income grew 55.5% year over year to 918.1 million rupees, or 4.16 rupees per share, from 590.3 million rupees, or 2.88 rupees per share.

As of Feb. 9, US$1 was equivalent to 62.14 Indian rupees.